Do your customers want to apply for a loan from anywhere at any time, day or night?
Does your team want to simplify data collection and speed up the onboarding process?
Do you want to grow your customer base and earn more business?
If the answer to any of these questions is “yes,” then you should consider implementing an online loan application solution to your application and loan origination process.
What Is an Online Loan Application?
An online loan application is a solution that allows borrowers to apply for loans from the comfort of their home, office, favorite coffee shop, or anywhere else with an internet connection. It works to simplify the application process for customers and the lending company’s team members. Instead of requiring customers to visit the office to apply, lenders can offer a much more convenient application solution.
Specifically for Allied Business Systems customers who use our absVision lending software, an online loan application means receiving a custom-built application website, complete with absVision API integration and company-specific branding. Lenders and dealers who use ABS can collect an applicant’s information through their absVision software as soon as the applicant successfully fills out the form online and hits submit.
What Are the Benefits of an Online Loan Application?
There are tons of benefits to providing your customers the option to apply for a loan online, the most significant ones being:
End-to-End Convenience
An online loan application leads to an easier, more convenient experience for both your borrowers and your team.
It can sometimes be difficult for a borrower to make it into your office to fill out a loan application with your team. Busy schedules, inconvenient office hours, and other complications could keep your customers from accessing your company or team, which ultimately prevents them from applying for the loans you offer. By offering them an online form they can fill out whenever and wherever they are able, you are providing a convenient solution for them to access your products and services.
Your team is busy with daily tasks and operational duties to keep your business moving forward. It can be inconvenient to schedule application appointments or tend to walk-in customers wanting to fill out a loan application with your company. Through online applications, you can encourage customers to apply online, freeing up your team to focus on other important tasks.
Efficient Data Collection
An online application gives your customers the freedom to collect data, fill out the required form fields, and submit the completed online form at their own pace—you do not have to schedule appointments or carve time out of your busy day to sit down with customers in the office and enter the data they give you into your absVision software. Your customers can submit the necessary data any time, day or night, sending it straight to your software.
Plus, convenience and efficiency are each key to customer satisfaction and successful business practices. The more efficient your data collection and overall application process are, the more satisfied your customers will be with their experience and the more successful your team can be at growing your business.
Faster Service Speeds
Because they’re so much more efficient and convenient, online applications naturally lead to faster servicing for your borrowers.
Traditional application processes, where customers fill out their applications in-person, prolong the entire process. First, the borrower must travel to the office or store to speak with a loan officer or team member. The customer must fill out the application in person, either on their own or with a team member. Then, everyone must wait for a decision to be made after submission. However, an online application eliminates the need to travel and the need for your team to manually enter the customer’s data into your software. It allows you to reach the decisioning phase faster, speeding up the entire lending process for everyone.
Increased Business
With a faster, more convenient application process, your team is able to serve more clients, tackle more tasks, and accept more borrowers, which all work together to serve more customers, increase profits, and grow your business. Online lending enables more people to apply for your lending products; you are no longer limited by the number of applicants you can serve in one business day. With an online loan application, your customers can apply day or night, and your lending software can receive the data as soon as it is successfully submitted.
Matching or Outdoing the Competition
Many lending companies give their customers the ability to apply for their loans online, which is highly attractive to prospective borrowers. In an age where instant gratification and minimal wait times are priorities, it can easily become a turnoff to have to apply in person or undergo a lengthier application process, especially when a more convenient option exists through a different company.
By offering an online loan application to your borrowers, you can better compete with other lenders or dealers in your area and outperform the lenders and dealers who are not yet serving customers with their own online lending solutions.
Who Is an Online Loan Application Site For?
An online loan application is for any business that offers loans or consumer lending solutions to their customers, from car and furniture dealers to lending companies that offer borrowers a variety of loans. Does your company have multiple locations? Do you serve multiple areas? Does your business include more than one brand? Whether you’re a one-brand and one-office company or a company with numerous brands and branches, a high-quality, scalable, and flexible online loan application solution can accommodate your company and serve your applicants.
Allied Business Systems and M&R Web Development Agency bring absVision customers the online loan application solution they need to serve their borrowers and team better.
Customers who use ABS’s absVision lending software can now further enhance their lending capabilities through a customized, absVision-integrated application website! Designed and developed by M&R Web Development Agency, a long-time partner of ABS, our application website offers customized, scalable solutions for lenders of all sizes, whether they have one location or multiple branches or locations across their service area.
Learn about how our lending solutions can benefit your team by speaking with an ABS expert! 800-727-7534
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